UBS to Acquire Credit Suisse Amid Turmoil: Iqbal Khan's Role Highlighted

Zurich, March 19, 2023 - UBS is set to acquire Credit Suisse in a deal aimed at stabilizing the latter amidst significant financial turmoil. The acquisition marks a historic moment for Credit Suisse, a bank founded in 1856. The book "Meltdown: Greed, Scandal, and the Collapse of Credit Suisse" by Duncan Mavin, highlights scandals, rivalries, and failures that plagued Credit Suisse. Iqbal Khan, involved in the "spygate" scandal, is a key figure in this narrative. Khan, a former finance prodigy who moved from Pakistan to Switzerland, aimed to overhaul Credit Suisse. He is viewed as a potential "CEO in waiting," known for his ambition and drive within the Swiss banking sector. Credit Suisse accused Khan of recruiting former colleagues to a new venture. The legal battle that ensued following accusations of spying further complicated matters. John Mack, co-CEO of Credit Suisse in 2001, noted the bank's history of scandals, stating that Credit Suisse has always faced significant problems. He emphasized the need for leaders to learn from past mistakes.